Siebel Systems Set to Acquire Edocs

Business applications software provider Siebel Systems Inc. said Friday that it signed a definitive agreement to acquire edocs Inc., Natick, MA, a provider of e-billing and customer self-service software solutions.

The acquisition is expected to expand Siebel's product and service offerings in the estimated $3 billion market.

Siebel Systems, San Mateo, CA, initially will pay $115 million in cash to edocs shareholders. Further payments based on achieving revenue and other contractual milestones may be made in 2006.

The companies' boards of directors approved the acquisition, which is subject to customary closing conditions, including regulatory approvals. The transaction is expected to close early in first-quarter 2005.